Adani promoters to sell 4.96% stake

Written by feBureau | New Delhi | Updated: Dec 21 2012, 07:54am hrs
Promoters of Adani Enterprises have proposed to offload an aggregate of 2.3 crore shares or 4.96% stake via offer for sale (OFS) to comply with the minimum public shareholding norms that require the promoter holding to be brought down to 75%. The company has set a floor price of R282 per share, which would help company raise R650 crore.

Promoters, Adani Agro, Adani Commodities, Vinod Adani, Rajesh Adani, Pranav Adani, Priti Adani and Shilin Adani are part of the promoter entities that would be selling the shares. According to stock exchange filing, Adani Agro and Adani Commodities has offered to sell 1.98 crore shares and 15.58 lakh shares, respectively. Priti Adani, Shilin Adani, Rajesh Adani have proposed to sell 3.55 lakh shares each, while Pranav Adani has decided to sell 3.75 lakh share.

Adani Enterprises OFS is the 14th OFS issue for the current calendar year. The recent past has seen government-owned NMDC and Hindustan Copper along with Honeywell Automation use the OFS route to dilute promoter holding. The total amount of money raised through OFS this year stands at more than Rs 21,500 crore, showed stocks exchange data.

Shares of Adani Enterprises lost nearly 7% to close at Rs 271.25. According to the latest shareholding data available, promoters currently hold 79.96% stake in the company. DSP Merrill Lynch is managing the issue.